BAM Media

MARCH 5, 2025

A Strong Earnest Money Deposit A standard deposit is 5%, but serious buyers should consider going higher10%, 15%, or even more. The bigger the deposit, the stronger the commitment. Covering the sellers portion can add thousands to their bottom line without increasing the official sale price.

Earnest money deposit

Redfin

JULY 14, 2025

Walking away from one could cost you your earnest money deposit (typically 1%–3% of the home price), and in some cases, you could even be sued for breach of contract. For example, a home sale contingency or financing contingency can create legal room to back out without penalty.

Earnest money deposit

Redfin

JULY 11, 2025

When you make an offer on a home, you’ll usually include earnest money – a deposit that shows the seller you’re a serious buyer. This good-faith payment, typically 1% to 3% of the purchase price, is held in escrow and applied to your down payment or closing costs if the sale goes through. Where does earnest money go?

Earnest money deposit

Redfin

MARCH 26, 2025

It protects the buyers earnest money and limits their financial risk if their financing falls through. Even if youve been pre-approved , things like a low appraisal, a job loss, or changes in your credit can derail the loan process. Unusual homes can cause appraisal challenges that impact loan approval.

Finance

Rochester Real Estate

NOVEMBER 5, 2015

A pre-approval letter must be included, and proof of funds can also help in a seller’s market. If your offer is accepted, you will sign a purchase agreement and pay an earnest money deposit. You don’t want to be denied the loan after being approved.

Purchase and sale agreement

Redfin

AUGUST 4, 2025

” Focus on: Sale prices of homes with similar size, age, and features The average price per square foot How long properties are staying on the market Also, look at the broader market trends. You can strengthen your offer by offering a larger earnest money deposit or submitting a personalized offer letter.

Earnest money deposit

Redfin

JUNE 30, 2025

If you’re not working with a real estate agent Also known as purchasing “for sale by owner,” buying a home without a real estate agent means you’ll be responsible for drafting and submitting the offer yourself, handling all negotiations, and managing the paperwork. What makes a good offer stand out?

Earnest money deposit

Rochester Real Estate

NOVEMBER 5, 2015

For example, if you use a bank for your loan you may already have a pre-existing relationship with them and they sometimes offer very competitive interest rates. Have you tried calling a bank on a Saturday night to get a pre-approval letter? (585) 704-7095 Contact Now Search Homes Home Fair Housing S.O.P.

Finance

RIS Media

OCTOBER 22, 2020

If the listing agent is allowed to disclose the other offers, make sure to obtain written approval from the seller before discussing this. Your client should also come prepared with a few other things: a pre-approval letter, earnest money deposit and, if they are paying cash, a proof of funds document.

Earnest money deposit

HomeLight

JUNE 23, 2022

It is simply a period of time that the buyer sets to secure financing approval from a lender for the purchase of the home. If the financing fails, the buyer can pull out of the contract with a full refund for earnest money as long as it’s before the specified deadline. Problems with the seller’s disclosure document.

Earnest money deposit

Realtor.com

OCTOBER 29, 2020

If something is wrong, you can request that it be fixed—or you can back out of the sale. Financing contingency: This contingency gives you the right to back out of the deal if your mortgage approval falls through. Get final mortgage approval. It’s rarely advisable to waive an inspection contingency. Clear the title.

Closing

CT Homes

AUGUST 31, 2020

There is a huge difference between a pre-qualification and a pre-approval. Most lenders or mortgage companies will issue a pre-qualification letter after reviewing the credit report and taking verbal information on income, assets and employment. Financing Issues.

Earnest money deposit

Dwell Real Estate

JULY 10, 2020

The earnest money deposit—the cash you as a buyer offer to essentially call dibs on real estate—is one of the most important (and often misunderstood) parts of the home-buying process. In the Sarasota area, home buyers will usually put down anywhere from 1 to 5 of the real estate purchase price as earnest money. (If

Earnest money deposit

Dwell Real Estate

JULY 10, 2020

The earnest money deposit—the cash you as a buyer offer to essentially call dibs on real estate—is one of the most important (and often misunderstood) parts of the home-buying process. In the Sarasota area, home buyers will usually put down anywhere from 1% to 5% of the real estate purchase price as earnest money. (If

Earnest money deposit

Easy Agent Pro

SEPTEMBER 5, 2023

Carefully consider factors like inventory levels, average sale prices, and average days on the market before making decisions. Setting a Realistic Budget and Obtaining Pre-Approval Before engaging in bidding wars, creating a realistic budget is essential. This will prevent overextending yourself financially.

Earnest money deposit

Realty Biz

NOVEMBER 11, 2020

When you begin an online search for a home, you may find some sale statuses you don’t fully understand. It is fairly obvious what is meant when homes have a status of “for sale” or “sold,” but some statuses may not be as clear. For example, if a home sale is contingent or pending, can you still make an offer?

Backup offer

HomeLight

JUNE 29, 2022

Before you post the “for sale” sign in your front yard, it’s important to prepare yourself for a critical part of the home-selling process : negotiating with buyers. Here are nine expert house negotiation tactics to help you on your way to a successful sale. Making enough money off the sale to fund the downpayment on a new home.

Earnest money deposit

HomeLight

JANUARY 3, 2024

Sometimes you come across a home for sale that checks off every box on your list, but the listing status says that it’s “under contract” or “sale pending.” In most cases, there are contingencies in the buyer’s offer that need to be cleared before the transaction is moved to the more solid “sale pending” status.

Purchase and sale agreement

Realty Biz

MAY 24, 2022

We decided to sell our house as “for sale by owner” to save the agent’s commission. Because your buyer is saying it is about not taking out a mortgage at today’s interest rate, I’m thinking the earnest money is what you will primarily get from a failed sale of your house.

Earnest money deposit

HomeLight

MARCH 2, 2023

Consider factors such as how long you plan to be in the area, if you have steady employment, and if you have enough money saved for not just the down payment, but for closing costs , maintenance, property taxes, and more. CalHFA works through approved lenders, and buyers apply for the program through their loan officer.

Closing

Point2Homes

JANUARY 31, 2023

With a budget in place, your next step should be to get pre-approved for a mortgage. Without being pre-approved, you’ll need to delay your offer while you secure financing. Check out comparable properties to make sure that the sale price is fair or whether there’s a little wiggle room to negotiate.

Earnest money deposit

HomeLight

MARCH 6, 2023

Consider factors such as how long you plan to be in the area, if you have steady employment, and if you have enough money saved for not just the down payment, but for closing costs , maintenance, property taxes, and more. CalHFA works through approved lenders, and buyers apply for the program through their loan officer.

Earnest money deposit

HomeLight

SEPTEMBER 30, 2020

Buyers with lower credit scores or lower down payments can sometimes get an FHA loan even if they can’t get approved for a conventional loan. The forfeiture of earnest money deposits document means that HUD can retain your 5% deposit if you do not fulfill your end of the sales contract for some reason not already outlined in the contract.

Earnest money deposit

HomeLight

MARCH 16, 2023

Do you need to connect with cash home buyers in Houston for a fast sale? Perhaps you’re relocating for your dream job in two weeks, but you don’t have the time or money to replace the roof on your University Place ranch that has sprung a leak. Need to Sell Your House Fast in Houston? No showings, no repairs, no open houses.

Sales

The Close

SEPTEMBER 10, 2020

That means you need to open lines of communication with the listing agent to find out exactly what they need and want from the sale. What are their biggest concerns about the sale? Make Sure You Have a Proper Approval Letter From a Reputable Lender. Nail the Offer Price & Earnest Money Deposit.

Home sale contingency

Redfin

AUGUST 29, 2024

Debt-to-income ratio (DTI) Another major factor that a lender will consider when approving your mortgage loan is your debt-to-income ratio (DTI). Get pre-approved As you’re researching how to buy a house, you will want to get a mortgage pre-approval. What’s an earnest money deposit?

Earnest money deposit

Realty Biz

AUGUST 22, 2022

In my eagerness to buy my first home, I made a full-price offer with the only continency being that my mortgage was approved. I’m almost certain that your biggest concern is about what will happen with your earnest money if you back out of the deal. This common situation is the reason home sale contingencies exist.

Purchase and sale agreement

The Close

FEBRUARY 14, 2024

Home sale preparation is done like a dealership preps the cars for the lot. Preparing Your Home for Sale Myth #4: Your Home Should Reflect Your Personality Sellers, especially those who have lived in their home for decades, are attached. Plus, my clients nearly lost their earnest money deposit due to the delays.

Pre-approval

CT Homes

AUGUST 31, 2020

There is a huge difference between a pre-qualification and a pre-approval. Most lenders or mortgage companies will issue a pre-qualification letter after reviewing the credit report and taking verbal information on income, assets and employment. Financing Issues.

Earnest money deposit

CT Homes

AUGUST 31, 2020

There is a huge difference between a pre-qualification and a pre-approval. Most lenders or mortgage companies will issue a pre-qualification letter after reviewing the credit report and taking verbal information on income, assets and employment. Financing Issues.

Earnest money deposit

Realty Biz

JULY 1, 2023

Depending on how far along in the escrow process you are, this can be done in a variety of ways: Providing a deposit - If you have not yet made an offer on a home, consider providing an earnest money deposit as your first step. These may include appraisal contingencies, financing contingencies, or home sale contingencies.

Purchase and sale agreement

Windemere Buying

OCTOBER 4, 2021

Once the buyer has shown they have enough cash to make the purchase, they will put down an earnest money deposit. Whereas financed offers are tied to an approval process with a lender, all-cash offers are not because the buyer has already proven they have the amount required to purchase the property on-hand.

Earnest money deposit

The Close

FEBRUARY 6, 2024

Ensure Your Client Has Loan Pre-approval Many sellers are anxious to get to the closing table quickly, which drives many to cash buyers , even for a lower price. Also, understand the difference between a prequalifying and a pre-approval letter.

Pre-approval

Louisville Homes

OCTOBER 26, 2021

In a seller’s market , many homes for sale wind up in bidding wars. Get a Pre-Approved. If you cannot afford a cash purchase, you need to get a mortgage pre-approval before house hunting. If you cannot afford a cash purchase, you need to get a mortgage pre-approval before house hunting. Be Flexible.

Pre-approval

Point2Homes

JULY 28, 2020

The buyer is required to deposit their ‘earnest money deposit’, a sum of money that typically equates to around 1-3% of the sale price. Additionally, the buyer will typically be required to deposit a mortgage pre-approval letter as proof that they qualify for an adequate mortgage.

Purchase and sale agreement

HomeLight

MARCH 31, 2022

Early 2022 data from Florida Realtors® indicates a 23% increase in median sales price and a 33.3% With such impressive sales figures, some Florida sellers may be curious about how to sell a house by owner in Florida — a decision that could help them save on agent commissions. Average home sale price in Florida: $530,419 (Jan 2022).

Purchase and sale agreement

HomeLight

JANUARY 3, 2023

Year-over-year, monthly sales in the Phoenix metro area were down nearly 25%. Often, the decision to go for sale by owner (or, “FSBO”) is motivated by a desire to save on agent commissions. Once you’ve seen what’s required, you can roll up your sleeves and get started with your FSBO sale in Colorado.

Purchase and sale agreement